Betting on an 0-16 season

[snopes]

Comment: So... the Lions have the worst season in NFL history. Terrible, I
know. It was bound to happen though - we suck.

At any rate, the rumors of the $100 or $1000 pre-season bet for a 0-16
record are starting to make the rounds on the Internet, radio talk shows,
"my buddy's friend made a bet", etc.. With payouts ranging from $250k -
$1mm.

I'm calling shenanigans because of the various stories, but you never
know. Stranger things have happened in Vegas

[diddy]

Originally Posted by snopes

I'm calling shenanigans because of the various stories, but you never know. Stranger things have happened in Vegas

People will bet on anything. I have no doubts that people were betting on the Patriots going perfect last year. The Lions have a notorious reputation for being a bad team (They almost did it one year winning against Minnesota) so I have no doubt there is an annual bet for what the season will be for a given team that could start as early as the preseason.

But for those amounts? That I am wondering. Perhaps from a high roller who can drop the cash, but that is the only thing I find wrong.

Again, the type of bet (0-16 loss for the Lions) sure. The amounts? Maybe. I don't know what the rules are regarding formal sports betting. Illegal type betting? All bets (so to speak) are off.

[keokuk]

It wouldn't surprise me if someone made the bet, but the odds sound way too long. Futures can potentially provide enormous payouts, but the house is always careful not to let things get too out of hand, lest the once impossible thing happen. For example, the longest odds to win the 2009 World Series right now are the Pittsburgh Pirates, at 150 to 1, even though the statistical odds of them winning the Series are likely much worse. If I'm not mistaken, casinos will often also have maximum bets on the longer odds.

So for $1000 to result in a win of $1M, it would require 1000 to 1 odds. I've never seen any odds anywhere listed as so long. 250 to 1 odds (for $250K) are more reasonable, but still sound unlikely. Unfortunately, it's often hard to find records of odds on these weirder types of bets (e.g., Lions to go 0-16).

[snopes]

Comment: Supposedly a man placed a $1000.00 bet in Las Vegas that the
Detroit Lions football team would lose every game this season. I do not
know what odds Vegas was giving. In week eight of the season Vegas wanted
to buyout the bet for $200000. The man refused and won $4,000,000. Is this
true?